Ripple Labs and the Securities Exchange Commission (SEC) have formally reached an agreement that, if approved by a judge, would end a years-long legal battle. Under the settlement, filed in New York on Thursday, the parties agreed to a fine of $50 million, far less than the $2 billion the SEC had originally requested and "part of the $125 million fine imposed last year by Southern District Judge Analisa Torres." The agreement confirms the "settlement in principle" Ripple announced in March.
Judge Torres ruled in 2023 that Ripple violated securities laws when it sold XRP to institutional investors, but did not violate securities laws in listing XRP on exchanges for retail purchases. The case, which began in 2020 and was initiated by then-SEC chairperson Jay Clayton, has agreed to withdraw their appeals.
The settlement comes as "the SEC fully withdraws a series of crypto investigations and lawsuits initiated during the tenure of former chairperson Gary Gensler". After Trump took office and appointed "pro-crypto Paul Atkins as the new chairperson", the SEC's attitude towards crypto regulation has changed dramatically. XRP rose 9% on the day on the news.
Ripple reaches $50 million settlement with SEC
2025-05-08 23:08:50
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